The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘SUM INSURED’ and it will be fixed at the commencement of each policy period for each insured vehicle.
The IDV of the vehicle
is to be fixed on the basis of the manufacturer’s listed selling price of the brand and the model of the vehicle proposed for insurance at the commencement of insurance /renewal and adjusted for depreciation (as per
schedule specified below). The IDV of the side car(s) and / or accessories, if any, fitted to the vehicle but not included in the manufacturer’s listed selling price of the vehicle is also likewise to be fixed.
|AGE OF THE VEHICLE||% OF DEPRECIATION FOR FIXING IDV|
|Not exceeding 6 months||5%|
|Exceeding 6 months but not exceeding 1 year||15%|
|Exceeding 1 year but not exceeding 2 years||20%|
|Exceeding 2 years but not exceeding 3 years||30%|
|Exceeding 3 years but not exceeding 4 years||40%|
|Exceeding 4 years but not exceeding 5 years||50%|